News

Goodbody in Taggart property venture

GOODBODY STOCKBROKERS is seeking to raise £10m (€14.5m) from its private clients to help fund a £90m property joint venture in Northern Ireland.

The broker has teamed up with Taggart Holdings, a Northern Ireland-based property group, to develop five properties in Belfast, with debt funding set to be provided by Bank of Ireland.

Investors in the 50-50 joint venture are being asked to pay a minimum £150,000 to gain entry to the project, which is not tax driven. Investors are expected to achieve a compound return of about 18% on their investment.

It is understood that Taggart will develop five greenfield sites in the greater Belfast area that have planning permission for residential units.

Belfast’s property market is currently booming. A recent property market survey by Nationwide Building Society showed that Northern Ireland has had the fastest-growing prices in the UK over the past year, with a rise of 25%.